India’s state-controlled Oil and Natural Gas Corp (ONGC) said on August 17 that it has signed an agreement with US oil major Exxon Mobil Corp for deepwater exploration off India’s East and West coasts.
“The collaboration areas focus on the Krishna Godavari and Cauvery Basins in the eastern offshore and the Kutch-Mumbai region in the western offshore,” ONGC in a stock exchange filing.
The company also noted that there has been a “scientific exchange” of exploration data in the last few years, which has led to this partnership.
Exploration deal brings ‘tangible benefits’
India’s Petroleum Secretary Shri Pankaj Jain said the IOC-NOC partnership will bring “tangible benefits” to the entire energy value chain and open new opportunities for to the country’s E&P sector.
“This collaboration will boost our confidence in going further ahead in deepwater exploration in the east coast of India where the potential is quite significant,” Jain noted.
Exxon Mobil India’s CEO and Lead Country Manager Monte K Dobson said that 25% of the company’s brain power is currently engaged in evaluating Indian deepwater.
“ExxonMobil is geared up to take this collaboration to the next level,” Dobson said.
India, the world’s third largest oil importer, wants to monetize its oil and gas resources to cut its import bill. In May 2022, ONGC committed to invest $4 billion over the next three years to intensify its exploration efforts.
